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Monday, July 18, 2011

Aviva's consumer attitude to savings survey

A survey by Aviva, the sixth largest insurance company in the world. Interesting survey finding worth sharing. Of special interest is that 20% of Singaporeans now use social networking websites to get recommendations on financial products or advice on insurance/financial planning!

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Over three quarters (79%) of consumers in Asia reviewed their saving plans over the last 12 months and more than one third (38%) now plan to increase their contributions. Furthermore, nearly all (94%) consumers in Asia feel in control of their finances.These are some of the findings arrived at in a survey by Aviva, the world’s sixth largest insurance company, about consumer attitudes to personal finance. The survey report, released on 11 July, shows too that two thirds (68%) of them are now making a point of personally assessing new deals before they purchase financial products, compared to just 48% in the US. The Consumer Attitude to Savings survey, now in its eighth year, polled 11,000 consumers worldwide.Other findings are that two in five (40%) consumers in the region frequently read the personal finance pages in newspapers, magazines or websites, compared to 30% in Europe and 22% in the US. Nearly a third (27%) in China and one in five (20%) in Singapore are also now using social networking websites to get recommendations on financial products or advice on personal finance. In Europe and the US, the figure stands at just 11% and 4% respectively.When it comes to their financial future, consumers in Asia are overwhelmingly optimistic. Nearly half (48%), for example, expect the financial position of their household to get better over the next 12 months, compared to just one in five (17%) in Europe. Importantly, just 6% believe it will get worse in Asia. Conversely, in Europe and the US nearly a third (31%) and one fifth (19%) respectively believe their household income will decline over the next 12 months.Despite feeling confident and in control of their personal finances, consumers in Asia harbour insecurities about handling retirement and the unexpected. Just one third (29%), for example, believe they have enough savings to cope with the unexpected and less than one quarter (24%) think they will have enough money when they retire for an adequate standard of living. However, over half (54%) would rather work, either full or part time, beyond the usual retirement age.